Document background
The Seller Financing Addendum is utilized in Australian property transactions where traditional bank financing is either not preferred or not available. This document is particularly relevant in situations where sellers are willing to act as financiers, offering more flexible terms than traditional lenders. It must comply with the National Consumer Credit Protection Act 2009 and relevant state property laws. The addendum typically includes detailed financing terms, security arrangements, payment schedules, and default provisions. It's commonly used in both residential and commercial property transactions, particularly in situations involving owner-financing, property development, or when buyers seek alternative financing options. The document must be carefully drafted to ensure it meets all regulatory requirements while protecting both parties' interests.
